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Paragraph
Introduction
Scope of this ISA ........................................................................................ 1-3
Effective Date ............................................................................................. 4
Objective .................................................................................................... 5
Definitions .................................................................................................. 6
Requirements
Considerations When Accepting the Engagement ...................................... 7-9
Considerations When Planning and Performing the Audit ......................... 10
Forming an Opinion and Reporting Considerations ................................... 11-17
Application and Other Explanatory Material
Scope of this ISA ........................................................................................ A1-A4
Considerations When Accepting the Engagement ...................................... A5-A9
Considerations When Planning and Performing the Audit ......................... A10-A14
Forming an Opinion and Reporting Considerations ................................... A15-A18
Appendix 1: Examples of Specific Elements, Accounts or Items of a
Financial Statement
Appendix 2: Illustrations of Auditors’ Reports on a Single Financial
Statement and on a Specific Element of a Financial Statement
Introduction
Scope of this ISA
1. The International Standards on Auditing (ISAs) in the 100-700 series apply
to an audit of financial statements and are to be adapted as necessary in the
circumstances when applied to audits of other historical financial
information. This ISA deals with special considerations in the application of
those ISAs to an audit of a single financial statement or of a specific
element, account or item of a financial statement. The single financial
statement or the specific element, account or item of a financial statement
may be prepared in accordance with a general or special purpose
framework. If prepared in accordance with a special purpose framework,
1
ISA 800 also applies to the audit. (Ref: Para. A1-A4)
2. This ISA does not apply to the report of a component auditor, issued as a
result of work performed on the financial information of a component at the
request of a group engagement team for purposes of an audit of group
2
financial statements (see ISA 600 ).
3. This ISA does not override the requirements of the other ISAs; nor does it
purport to deal with all special considerations that may be relevant in the
circumstances of the engagement.
Effective Date
4. This ISA is effective for audits of single financial statements or of specific
elements, accounts or items for periods beginning on or after December 15,
2009. In the case of audits of single financial statements or of specific
elements, accounts or items of a financial statement prepared as at a specific
date, this ISA is effective for audits of such information prepared as at a date
on or after December 14, 2010.
AUDITING
Objective
5. The objective of the auditor, when applying ISAs in an audit of a single
financial statement or of a specific element, account or item of a financial
statement, is to address appropriately the special considerations that are
relevant to:
(a) The acceptance of the engagement;
(b) The planning and performance of that engagement; and
(c) Forming an opinion and reporting on the single financial statement or
on the specific element, account or item of a financial statement.
1
ISA 800, “Special Considerations—Audits of Financial Statements Prepared in Accordance with
Special Purpose Frameworks.”
2
ISA 600, “Special Considerations—Audits of Group Financial Statements (Including the Work of
Component Auditors).”
Requirements
Considerations When Accepting the Engagement
Application of ISAs
3
7. ISA 200 requires the auditor to comply with all ISAs relevant to the audit.
In the case of an audit of a single financial statement or of a specific element
of a financial statement, this requirement applies irrespective of whether the
auditor is also engaged to audit the entity’s complete set of financial
statements. If the auditor is not also engaged to audit the entity’s complete
set of financial statements, the auditor shall determine whether the audit of a
single financial statement or of a specific element of those financial
statements in accordance with ISAs is practicable. (Ref: Para. A5-A6)
3
ISA 200, “Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance
with International Standards on Auditing,” paragraph 18.
4
ISA 210, “Agreeing the Terms of Audit Engagements,” paragraph 6(a).
Form of Opinion
9. ISA 210 requires that the agreed terms of the audit engagement include the
5
expected form of any reports to be issued by the auditor. In the case of an
audit of a single financial statement or of a specific element of a financial
statement, the auditor shall consider whether the expected form of opinion is
appropriate in the circumstances. (Ref: Para. A8-A9)
AUDITING
13. An audited single financial statement or an audited specific element of a
financial statement may be published together with the entity’s audited
complete set of financial statements. If the auditor concludes that the
presentation of the single financial statement or of the specific element of a
financial statement does not differentiate it sufficiently from the complete
set of financial statements, the auditor shall ask management to rectify the
situation. Subject to paragraphs 15 and 16, the auditor shall also differentiate
the opinion on the single financial statement or on the specific element of a
financial statement from the opinion on the complete set of financial
5
ISA 210, paragraph 10(e).
6
ISA 200, paragraph 2.
7
ISA 200, paragraph 13(f), explains that the term “financial statements” ordinarily refers to a
complete set of financial statements as determined by the requirements of the applicable financial
reporting framework.
8
ISA 700, “Forming an Opinion and Reporting on Financial Statements.”
***
Application and Other Explanatory Material
Scope of this ISA (Ref: Para. 1)
A1. ISA 200 defines the term “historical financial information” as information
expressed in financial terms in relation to a particular entity, derived
primarily from that entity’s accounting system, about economic events
occurring in past time periods or about economic conditions or
10
circumstances at points in time in the past.
A2. ISA 200 defines the term “financial statements” as a structured
representation of historical financial information, including related notes,
intended to communicate an entity’s economic resources or obligations at a
point in time or the changes therein for a period of time in accordance with a
financial reporting framework. The term ordinarily refers to a complete set
of financial statements as determined by the requirements of the applicable
11
financial reporting framework.
12
A3. ISAs are written in the context of an audit of financial statements; they are
to be adapted as necessary in the circumstances when applied to an audit of
other historical financial information, such as a single financial statement or
a specific element of a financial statement. This ISA assists in this regard.
(Appendix 1 lists examples of such other historical financial information.)
A4. A reasonable assurance engagement other than an audit of historical
AUDITING
financial information is performed in accordance with International
13
Standard on Assurance Engagements (ISAE) 3000.
AUDITING
consideration as to whether to use the phrases “presents fairly, in all material
respects,” or “gives a true and fair view” in the auditor’s opinion include:
• Whether the applicable financial reporting framework is explicitly
or implicitly restricted to the preparation of a complete set of
financial statements.
• Whether the single financial statement or the specific element of a
financial statement will:
o Comply fully with each of those requirements of the
framework relevant to the particular financial statement or the
particular element, and the presentation of the financial
statement or the element include the related notes.
16
ISA 200, paragraph 8.
17
ISA 700, paragraphs 35-36.
Considerations When Planning and Performing the Audit (Ref: Para. 10)
A10. The relevance of each of the ISAs requires careful consideration. Even when
only a specific element of a financial statement is the subject of the audit,
18 19
ISAs such as ISA 240, ISA 550 and ISA 570 are, in principle, relevant.
This is because the element could be misstated as a result of fraud, the effect
of related party transactions, or the incorrect application of the going
concern assumption under the applicable financial reporting framework.
A11. Furthermore, ISAs are written in the context of an audit of
financial statements; they are to be adapted as necessary in the
circumstances when applied to the audit of a single financial statement or of a
20
specific element of a financial statement. For example, written
representations from management about the complete set of financial
statements would be replaced by written representations about the
presentation of the financial statement or the element in accordance with the
applicable financial reporting framework.
A12. When auditing a single financial statement or a specific element of a
financial statement in conjunction with the audit of the entity’s complete set
of financial statements, the auditor may be able to use audit evidence
obtained as part of the audit of the entity’s complete set of financial
statements in the audit of the financial statement or the element. ISAs,
however, require the auditor to plan and perform the audit of the financial
statement or element to obtain sufficient appropriate audit evidence on
which to base the opinion on the financial statement or on the element.
A13. The individual financial statements that comprise a complete set of financial
statements, and many of the elements of those financial statements,
including their related notes, are interrelated. Accordingly, when auditing a
single financial statement or a specific element of a financial statement, the
auditor may not be able to consider the financial statement or the element in
18
ISA 240, “The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements.”
19
ISA 550, “Related Parties.”
20
ISA 200, paragraph 2.
AUDITING
Matter paragraph in an auditor’s report on the financial statement or on the
element because the auditor judges it to be relevant to the users’
understanding of the audited financial statement or the audited element or
22
the related auditor’s report (see ISA 706).
A18. In the auditor’s report on an entity’s complete set of financial statements,
the expression of a disclaimer of opinion regarding the results of
operations and cash flows, where relevant, and an unmodified opinion
regarding the financial position is permitted since the disclaimer of opinion is
being issued in respect of the results of operations and cash flows only and
23
not in respect of the financial statements as a whole.
21
ISA 700, paragraph 13(e).
22
ISA 706, “Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s
Report,” paragraph 6.
23
ISA 510, “Initial Audit Engagements—Opening Balances,” paragraph A8, and ISA 705, paragraph A16.
AUDITING
Auditor’s Responsibility
Our responsibility is to express an opinion on the financial statement based on our
audit. We conducted our audit in accordance with International Standards on
Auditing. Those standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the financial
statement is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts
and disclosures in the financial statement. The procedures selected depend on the
24
Or other term that is appropriate in the context of the legal framework in the particular jurisdiction.
Opinion
In our opinion, the financial statement presents fairly, in all material respects, the
financial position of ABC Company as at December 31, 20X1 in accordance with
those requirements of the Financial Reporting Framework in Jurisdiction X relevant
to preparing such a financial statement.
[Auditor’s signature]
[Date of the auditor’s report]
[Auditor’s address]
AUDITING
25
In circumstances when the auditor also has responsibility to express an opinion on the effectiveness
of internal control in conjunction with the audit of the financial statement, this sentence would be
worded as follows: “In making those risk assessments, the auditor considers internal control relevant
to the entity’s preparation and fair presentation of the financial statement in order to design audit
procedures that are appropriate in the circumstances.”
26
ISA 800 contains requirements and guidance on the form and content of financial statements
prepared in accordance with a special purpose framework.
27
Or other term that is appropriate in the context of the legal framework in the particular jurisdiction.
Opinion
In our opinion, the financial statement presents fairly, in all material respects, the
cash receipts and disbursements of ABC Company for the year ended December 31,
20X1 in accordance with the cash receipts and disbursements basis of accounting
described in Note X.
Basis of Accounting
AUDITING
Without modifying our opinion, we draw attention to Note X to the financial
statement, which describes the basis of accounting. The financial statement is
prepared to provide information to XYZ Creditor. As a result, the statement may not
be suitable for another purpose.
[Auditor’s signature]
[Date of the auditor’s report]
[Auditor’s address]
Auditor’s Responsibility
Our responsibility is to express an opinion on the schedule based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those
standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the schedule is free from material
misstatement.
28
ISA 800 contains requirements and guidance on the form and content of financial statements
prepared in accordance with a special purpose framework.
29
Or other term that is appropriate in the context of the legal framework in the particular jurisdiction.
Opinion
In our opinion, the financial information in the schedule of the liability for “incurred
but not reported” claims of ABC Insurance Company as at December 31, 20X1 is
prepared, in all material respects, in accordance with [describe the financial reporting
provisions established by the regulator].
AUDITING
[Date of the auditor’s report]
[Auditor’s address]